The unemployment rate in advanced economies plunged sharply since the global financial crisis

In a recent note to clients, Bank of America Merrill Lynch's
global economist Ethan S. Harris shared a chart showing that the
unemployment rate for advanced economies plunged sharply in
the years since the global financial crisis, and is now
around its 35-year average.

However, he adds that although things have improved for most
developed markets, peripheral Europe remains a big exception.

For example, according to International Labour
Organization's estimates for 2014, France's youth unemployment
rate was around 25.3%, Portugal's was around 35.9%, Spain's was
at 58.2%, and Greece's was at a whopping 64.8%.